In one of California's largest market rates for affordable housing conversions, Ethos Real Estate has acquired for $252.4M Hillsdale Garden Apartments, a 697-unit garden complex community in San Mateo.

Ethos is partnering with Chicago-based private equity firm The Vistria Group on a renovation of the Hillsdale campus, which opened in 1948 and is spread across 52 two- and three-story buildings, converting the units from market rate to affordable housing.

Upon completion of the renovation, which will include interior and exterior upgrades, the Hillsdale community will be reserved for households earning at or below 80% of the area median income (AMI).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

National
Multifamily